!!! Overview
[{$pagename}] The terms [National Bank] and "national banking association" used in this chapter (or the [Federal Reserve Act]) shall be held to be synonymous and interchangeable. 

The term __“member bank__” shall be held to mean any national bank, State bank, or bank or trust company which has become a [{$pagename}] of one of the [Federal Reserve] banks. 

[{$pagename}] is a private [Financial Institution] and owns stock in the 12 regional [Federal Reserve Bank]. 

[{$pagename}] and [National Banks] (which were required by the [Federal Reserve] Act to become [{$pagename}]s) in the [United States] implies the [Financial Institution] is required to hold stock in one of the [Federal Reserve Banks] and is chartered and supervised by the [Office of the Comptroller of the Currency] ([OCC]), an agency in the [United States Department of the Treasury], pursuant to the [National Bank Act]. The inclusion "National Association" or its abbreviation "N.A." is a required part of the distinguishing legal title of a [National Bank], as in "Citibank, N.A." 

Many "state banks", by contrast, are chartered by the applicable state government (usually the state's department of banking). The [Federal Deposit Insurance Corporation] ([FDIC]) insures deposits at both national and state banks.

The amount of stock a [{$pagename}] must own is equal to 3% of its combined capital and surplus. However, holding stock in a [Federal Reserve Bank] is not like owning stock in a publicly traded company. These stocks cannot be sold or traded, and member banks do not control the [Federal Reserve Bank] as a result of owning this stock. From the profits of the [Federal Reserve Bank] the [{$pagename}] receives a dividend equal to 6% of their purchased stock. The remainder of the regional [Federal Reserve Banks]' profits is given over to the [United States Department of the Treasury]. 

In [2015|Year 2015], the [Federal Reserve Banks] made a profit of $100.2 billion and distributed $2.5 billion in dividends to [{$pagename}]s as well as returning $97.7 billion to the [United States Department of the Treasury].

[{$pagename}] consists of ~38% of [United States] [Bank]

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